MECU is a Maryland-based credit union whose acronym stands for Municipal Employees Credit Union. Membership eligibility has expanded since its founding and includes consumers who live, work, or worship close to the Baltimore area. The credit union offers personal and business banking services, as well as insurance and investment planning guidance.
On the personal banking side, MECU makes depository products like checking, savings, money market, and CD accounts available, as well as lending products like mortgages, home equity lines, and vehicle loans. Checking account options all come with free online bill pay and direct deposit and differ based on interest and reward incentives. Several checking accounts offer ATM refunds, and one account offers cash back in exchange for debit card purchases. Savings account offers feature cash bonuses, and fees are waived on minors’ accounts. A teacher-designed savings account helps teachers save and plan for the summer months when there is no income stream. Money Market accounts have minimum initial deposit requirements and offer increased earnings for higher balances held. MECU’s Certificates of Deposit (CDs) and IRA CDs are available in term lengths that range from 9 to 60 months and offer flexible accounts that allow a penalty free withdrawal and/or a penalty-free rate bump.
MECU online banking provides a safe and secure way for members to access their accounts and transfer funds, check balances, pay bills, and update their account information. The credit union has also released mobile banking apps that make banking on the go convenient and easy from select smartphone and tablet devices.
MECU was established in 1936 to meet the banking needs of Baltimore’s municipal workers. Since then its membership has expanded, and the credit union serves it through multiple branches located in the Baltimore area, where its headquarters are located.
Field of Membership Restrictions
Membership in MECU Credit Union is open to anyone through joining the American Consumer Council through the credit union (must reside in Delaware, Maryland, Pennsylvania, Virginia, or Washington DC). Membership is also open to those who live, work, attend school, or worship in the City of Baltimore, Maryland and to employees of Dixie Manufacturing, Alter Communications and to over 100 Select Employer Groups in the Baltimore area.
See current membership details
Lack Of Appreciation For Good Customers
My recent interactions with MECU have been awful. They lack responsiveness to customers that have paid their loans on time and basically been good customers. While the offer competitive rates for car loans etc. the continued interactions with the company will not be a positive one. It might be best to shop around before entering into a relationship with this credit union.
Data as of Q1 2024
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 66787 |
| Year Chartered | 1936 |
| Employees | 294 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.12% |
| Return on Equity - YTD | 1.29% |
| Annual Interest Income | $14MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2024vs Q1 2023 | $1.29B$1.3B |
| Loans | Q1 2024vs Q1 2023 | $825MM$787.2MM |
| Deposits | Q1 2024vs Q1 2023 | $1.08B$1.15B |
| Equity Capital | Q1 2024vs Q1 2023 | $116.5MM$112.2MM |
| Loan Loss Allowance | Q1 2024vs Q1 2023 | $11MM$11.6MM |
| Unbacked Noncurrent Loans | Q1 2024vs Q1 2023 | $14.8MM$10.3MM |
| Real Estate Owned | Q1 2024vs Q1 2023 | $150K$300K |